Friday, May 2, 2014

It was reported earilier that another potential buy for FGV is the 11977ha plantation land owned by Dutaland Bhd’s subsidiary Pertama Land & Development Sdn Bhd.

Dutaland is Olympia sister company.

Meanwhile Olympia has operations in gaming and leisure, property, financial services and investment holding. The group had settled a substantial portion of its debts under its restructuring scheme, which was implemented in April 2007.

Till Oct 2012 less than a quarter of the debts owing under the scheme remains to be settled by the final maturity date in April 2013. Olympia has cash and bank balances totalling RM33.5mil while its loans and borrowings, comprising short and long-term, stood at some RM240mil.

In Jan 2014, Mawhile Duta Equities Sdn Bhd has raised its stake in Dutaland Bhd to 86.51mil shares or 10.22% after the recent purchase of 16.905 million shares.

Dutaland group managing director Tan Sri Yap Yong Seong is deemed interest in the acquisition via his stake in Duta Equities. His indirect stake totalled 325.43 million shares or 38.46% after the recent acquisition via Duta Equities and through his interest in Kenny Heights Development Sdn Bhd and Olympia Industries Bhd.

It is selling a two ha leasehold tract in Kota Kinabalu to the Sabah state government for rm49.5 million. The disposal is expected to result in a net gain of rm36 million to the DutaLand.